On becoming a post-revenue business (June 2020 update)
It's been a whopper of a month over here in Lettuce-land. We reached a major milestone for a new business: we received our first bit of revenue! A real, live person liked our product enough that they paid us money for it! It was EXTREMELY THRILLING for us!
We have set up a little alert in our company Slack that tells us every time someone signs up for a Lettuce subscription, which is always a cause for celebration 🎉
How we run our business has always been as important to us as what we’re building. We want Lettuce to be a sustainable business that delivers value to its users. We’re fans of businesses that are committed to being rewarded for creating value, and not building for a quick exit.
Subscriptions are a big part of that. As a business model, subscriptions are simple and ethical: we make a profit when you find our product valuable; that's it. Retention over acquisition, predictable revenue over investor hype. No selling your data, no feeding you ads or getting affiliate fees on referring products to you. We're building a long-term business, and we want to build a trusting relationship with the people who love our product and believe in our vision. That, we hope, is some of you!
In time, we'll be creating a lot of subscriber-only features. But these features aren't ready yet. So if you subscribe today, you'd really be doing so mostly as a show of faith in us.
Early subscribers are those of you who most understand our long term vision, who really get us, who want to be a part of that journey. We think of you as like our wise council of elders who guide our decisions, which means that we want to spend more time talking to you and finding out how we can shape Lettuce into the product YOU want it to be. We'll be doing that through regular video chats that early subscribers will be invited to. And when the world opens up again, we'd love to do some in-person hangouts, too.
You can find Subscriptions in the sidebar menu in the app. We'd love to see you sign up.
Our first subscription feature (multiple portfolios) will be launching soon ;)
Our customer numbers are steadily improving, mostly through organic growth.
Recently, the United States overtook South Africa as the most popular country our users are based in.
The thing that makes us happiest about our customer numbers is that there's a small group of super-users who open Lettuce several times a month, and users who've stuck with us for several generations of the Lettuce app, now.
We've opened a round looking for seed investors to help us take Lettuce to the next stage. There's a very cute video on our investor page where you can learn more about our team, and our plans, and see all of our cute faces (and also, a lot of bunnies).
Last month, we decided to try an experiment in running a 6 week cycle with just three big focus areas. We nicknamed our first cycle "Arugula" (a very delicious type of Lettuce), and it's coming to an end on the 28th of June. Overall, it's gone really well! We're going to take 2 weeks to fix bugs and regroup before we start our next cycle (which we're calling Rocket, another delicious type of Lettuce).
Options we're considering for Rocket focus areas include:
- Showing you the profit and loss on your investments (you can take a look at some mockups for this feature)
- Smarter rounding rules so that you can see more decimal places on your accounts
- The ability to share your portfolio with other people, like a spouse or financial manager
- Linking your brokerage/investment accounts so that Lettuce can keep your balances up to date automatically
We'd love to hear what you'd like us to focus on in Rocket. Pop on over to the Rocket thread in the Lettuce community and let us know. We're listening :)